MANAMA BAHRAIN: RIFFA VIEWS SIGNATURE ESTATES
December 28, 2006 at 1:11 pm | Posted in Arabs, Economics, Financial, Middle East | Leave a comment
Riffa Views Press Release
Neena Punnen Neena.Punnen@hillandknowlton.com
Thursday, December 28, 2006
RIFFA VIEWS HOSTS CHARITY LUNCH
Manama, 28 December 2006:
Riffa Views Signature Estates hosted a charity lunch recently for a joint meeting of the Rotary Clubs of Salmaniya, Adliya and Manama. Proceeds for the event, attended by 60 guests, were donated to charity.
About Riffa Views Signature Estates
Riffa Views is a joint venture between Arcapita and Bahrain International Golf Course Company (BIGCC) and is the first golf residential development in Bahrain. The 972-villa project is a master planned concept for a luxurious community lifestyle that will provide a comprehensive range of sports, leisure and shopping facilities, including an 18-hole signature championship golf course designed by the top international golf pro, Colin Montgomerie. Riffa Views Signature Estates will also feature a country club, a tennis facility in association with tennis great Boris Becker,a high-end retail centre, and an international school managed by an International School Operator.
Issued on behalf of Riffa Views by Hill & Knowlton.
For press information contact:
| Neena Punnen Hill and Knowlton
Tel: +973 17533532 Fax: +973 17533370 e-mail: neena.punnen@hillandknowlton.com |
Hugh O’SheaRiffa Golf & Residential Development Co
Tel: +973 17757999 Fax: +973 17757990 e-mail: hoshea@riffaviews.com |
Riffa Views Press Release
Neena Punnen Neena.Punnen@hillandknowlton.com
Thursday, December 28, 2006
INDIA POWER DIRECTORY
December 28, 2006 at 12:07 pm | Posted in Asia, Books, Economics, Financial, Globalization, History, India, Research | Leave a comment
IndiaCore Annual Flagship Directory
Who’s Who in Power Industry 2006/2007
IndiaCore is pleased to announce the release of the 2006/2007 edition of its annual flagship Directory- ‘IndiaCore Who’s Who in Power Industry’.
‘IndiaCore Who’s Who in Power Industry’ is the indispensable, comprehensive industry reference source of latest information of who’s who, key professionals & organizations in the Indian power & allied infrastructure industry.
It is your definitive guide to the Indian Power Industry…..
India Core indiacore06@gmail.com
India Core Response Team
Delhi Office- 114, Jaina Tower II, District Centre, Janak Puri,
New Delhi 110 058. INDIA.
Tel: +91 +11- 2554 2551/ 4158 9329; Fax: +91 +11- 6640 5777
Thursday, December 28, 2006
As a recognition of this elite and definitive work, more than 40 leading organisations have advertised in the 2006/ 2007 edition.
Advertisers include Chattisgarh State Electricity Board, EMCO, Enercon, Euromoney Energy, Delhi Control Devices, Deutz Power, FICCI, Honeywell, IEEMA, IREDA, Jaiprakash Industries, Jharkhand State Electricity Board, KLG Systel, Lapp Kabel, Megger, NDPL, NHPC , Nuclear Power Corporation of India, Power Grid Corporation, Power Trading Corporation, Reliance (BSES Rajdhani Power), Rockwell Automation, Safcon, Suzlon, Taurus Powertronics, Teledata Informatics, Vestas RRB, West Bengal State Electricity Board etc.
The book & CD version of the Directory is fully revised every year. The Directory offers the contact information of Key Professionals in India in:
• Central Ministries & Departments in Power & Allied Infrastructure Industry
• State Ministries & Departments in Power & Allied Infrastructure Industry
• Regulatory & Policy Making Authorities
• Regulatory & Policy Making Authorities- Electricity Regulatory Commissions
• State Organisations- SEBs, Departments, Generation Cos, Transmission Cos, Distribution Cos
• State Nodal Agencies for Renewable Energy Resources
• Central Power Sector Organisations
• Private Sector Utilities, Independent Power Producers & Developers, Power Generating Companies
• EPC Contractors & Construction Firms
• Key Equipment Manufacturer, Suppliers & Service Providers
• Fuel Suppliers and Oil & Gas Companies
• Banks & Financial Institutions
• IT, Software Solutions & Automation Companies
• Power Trading Companies
• Insurance Firms
• Consultants & Rating Agencies
• Law Firms
• Associations
• Research & Training Organisations
• Websites of Organisations
Buyers of the previous & current editions include ABB, ABN AMRO, Accenture, AES (India), Agrinery Consultancy, Alliance to Save Energy, Allianz Security, Alstom, Amara Raja Batteries, American Society of Mechanical Engineers, APERC, Asia Power Projects, Bajaj Electricals, Balasore Alloys, Barco Electronic, BEST, BHP, Black & Veatch, Cairn Energy, Carbone Lorraine, Castrol, Central Power Research Institute, Centre for Wind Energy Technology, Cethar Vessels, Chemtrols, CMC, Coen Bharat, Consulate of Canada, Consultancy Development Centre, Cooper Bussmann, CRISIL, Crompton Greaves, Cummins, Development Consultants, Doshion, Dow Corning, DSD Industrieanlagen Gmbh, Ecosecurities, EI Dupont, Elca Carbone Lorraine, Elecon Engineering, Electronics Regional Test Laboratory, Embassy of Sweden, Energie-server.de, Ernst & Young, Essar Shipping, EURO RSCG, Exide, Fisher- Xomos Sanmar, Frost & Sullivan, Gammon India, GE India, GEA Energy Systems, GMR, Grasim Industries, Gujarat Ambuja Cements, High Commission of India in Singapore, Hindalco, Hitachi, HPL Group, ICF International, IDFC, IEA, IIM- Bangalore, IIM- Lucknow, IIT- Kanpur, IIT- Roorkee, IMI Norgren Herion, Infotech Enterprises, Institution of Electrical Engineers (UK), J P Morgan, J P Mukherji & Associates, Jain Carbides & Chemicals, Jaksons, Karnataka Power Corporation, KEMA Nederland B.V., Kirloskar Brothers, Kirloskar Oil Engines, Lahmeyer, Landis +Gyr, LPS Bossard, Maharashtra Electricity Regulatory Commission, Malana Power Company, Management Development Institute, Marsh India, Mitsui, Monnet International, Mott Mac Donald, National Power Training Institute, National Thermal Power Corporation, NEEPCO, NEG Micon, Networth Stock Broking, Nexant, Owens Corning, P T Indorama Synthetics Tbk, PCRA, Pidilite Industries, Planning Commission, Platts, Pratt & Whitney, PRAYAS, PricewaterHouse Coppers, Punj Lloyd, Reliance Energy, Rolta India, Royal Norwegian Embassy, SAP India, SBI Caps, Schneider Electric, Secure Meters, Shree Cement, Shriram Institute for Industrial Research, Siemens, Sintex, SMEC International, Spic Jel Engineering Construction, SPL World Group, SPSS, Surana & Surana, Tamil Nadu Energy Development Agency, Tata B P Solar, Tata Consultancy Services, Tata Power, TERI, Thermax, Thyssenkrupp Electrical, Timken India, Torrent Power, USAID, UTC Power, VA Tech, Wartsila, Winrock, World Energy Council, World Wide Fund for Nature, ……….. amongst many others.
Order your copy today. TO ORDER, simply send us your mailing details including name, address, phone, fax and email along-with your cheque/ draft favoring ‘India Core Publishing’ payable at New Delhi, India to the below mentioned address. You could also use the Order Form below.
Click here for Contents and Online Ordering Information
For any clarifications, please feel free to contact Priya Kapoor (Ms), Dy Team Leader, IndiaCore Response Team at 011- 2554 2551/ 4158 9329;
email-
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ORDER FORM
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____ USD 180 (for soft copy- either in CD or as an email attachment) plus USD 25 for C&H for CD. No C&H for email.
____ USD 250 (for combined print as well as soft version) plus USD 25 for C&H
Upcoming IndiaCore Event
Distribution India 2- Loss Reduction & Performance Quality Improvement, April 19- 20, 2007, India Habitat Centre, New Delhi. INDIA
India Core and Council of Power Utilities are pleased to announce the second edition of ‘Distribution India’- a biennial conference & exhibition focussing on issues in the power distribution industry. The Distribution India series offers a unique platform to learn, discuss and exchange experience about the major structural, technical, managerial and regulatory changes in the Electricity Distribution segment amongst various stakeholders.
Distribution India 2 will explore the best practices and most relevant technologies in distribution management with special focus on loss reduction & performance quality improvement. It will analyze the numerous benefits of adopting these technologies even while it provides a realistic framework for incorporating them. It will offer organisations with business interests in the region to play a major role in one of the world’s fastest developing power distribution markets and unparalleled opportunities to meet business associates & prospective clients.
More than 300 senior executives from various countries attended the Distribution India 1 event in April 2004 in New Delhi (visit ‘Distribution India 1’ archives)- underlining the event’s importance and its position.
Further information about Distribution India, including a list of participating companies, will be updated regularly on the India Core website.
Participation
Don’t miss this opportunity to hear the Industry leaders and network with top industry players. There are also attractive business development and sponsorship opportunities to be explored. For further details, sponsorships, exhibit display, advertisement, speaking opportunities, registrations, please feel free to contact:
Priya Kapoor, Dy Team Leader, IndiaCore at 91- 11- 2554 2551/ 4158 9329,
email-
OR click here OR paste the following link in your browser
http://www.greenpower5.com/ic-conf/14-apr07-distribution/index.html
We look forward to the confirmation of your participation.
——————————————————————————–
India Core Response Team
Delhi Office- 114, Jaina Tower II, District Centre, Janak Puri,
New Delhi 110 058. INDIA.
Tel: +91 +11- 2554 2551/ 4158 9329; Fax: +91 +11- 6640 5777
IndiaCore Who’s Who in Power Industry 2006/ 2007
India Core indiacore06@gmail.com
Thursday, December 28, 2006
GLOBAL COMPETITION REVIEW
December 28, 2006 at 1:06 am | Posted in Economics, Financial, Globalization, History | Leave a comment
Global Competition Review
is essential reading for antitrust practitioners, corporate counsel, policy makers, enforcers and anyone involved in international competition regulation and policy.
GCR Daily News
GCR Daily News gcrdailynews@globalcompetitionreview.com
gcrdailynews@globalcompetitionreview.com
Editorial@GlobalCompetitionReview.com
Thu, 21 Dec 2006
This news briefing is sent to you by:
Global Competition Review
Ryanair slams ‘unnecessary’ Phase II
Ryanair has criticised the European Commission’s decision to launch an in-depth investigation of the airline’s hostile takeover of Aer Lingus.
DG Comp ties itself in state aid knots
The European Commission says some of France’s top companies received illegal state aid – only to add that it would be unfair to try and recover it. The amazing decision emerged on 20 December.
Howrey makes Geradin partner
Competition specialist Damien Geradin has today been made a full partner at Howrey’s Brussels office.
Commission clears truck deal
The European Commission has approved the proposed MAN/Scania deal.
Italian banking remedy impresses bar
Italy’s Antitrust Authority has cleared Banca Intesa’s merger with Sanpaolo IMI with conditions.
Harrah’s bought by private equity firms
Private equity firms Texas Pacific Group and Apollo Management have bought casino group Harrah’s Entertainment for US$27.8 billion.
Israel mulls end to airline carve-out
Airline companies in Israel, long exempt from elements of the country’s competition law, may soon lose their safe haven.
Look out Amazon – here comes Global Competition Book Review
If you are stuck for last minute stocking-fillers this Christmas, or just need a book to amuse you during non-billable hours, then why not consider these two books that reached GCR during the Autumn?
We hope you will find this e-mail briefing a useful source of information. If you would like to contact the editorial team responsible for it, please email:
Editorial@GlobalCompetitionReview.com
GCR Daily News
GCR Daily News gcrdailynews@globalcompetitionreview.com
gcrdailynews@globalcompetitionreview.com
Thu, 21 Dec 2006
OMAN ARAB BANK
December 27, 2006 at 1:08 pm | Posted in Arabs, Economics, Financial, Globalization, History, Middle East, Research | Leave a comment
Oman Arab Bank
– Investment Management Group
Oman Arab Bank SAOC
(member of Arab Bank Group)
P.O.Box 2010, Ruwi, 112 Muscat Oman
Tel: +968 24 790 462 or 24 790 172
Fax: +968 24 79 39 53
Bank Sohar Prospectus
Research
oab-img@oabinvest.com
Tue, 26 Dec 2006
“AWARDED BEST BROKERAGE AWARD FOR SERVICES FOR
2004 & 2005″
Dear Sir / Madam:
In order to view Bank Sohar Prospectus kindly click on the links below:
Regards,
Oman Arab Bank – Investment Management Group
Oman Arab Bank SAOC
(member of Arab Bank Group)
P.O.Box 2010, Ruwi, 112 Muscat, Oman
Tel: +968 24 790 462 or 24 790 172
Fax: +968 24 79 39 53
The information contained within this email sent by Oman Arab Bank SAOC Security measures are the responsibility of the recipient & Oman Arab Bank SAOC accept no responsibility for any loss or damage arising from the receipt or use of this email.
Regulated By Capital Market Authority
Bank Sohar Prospectus
Research oab-img@oabinvest.com
Tue, 26 Dec 2006
SOME ECONOMIC & FINANCIAL DATABASES
December 27, 2006 at 6:48 am | Posted in China, Economics, Financial, Globalization, History, Oil & Gas, Research | Leave a comment
DATABASES
OIL MARKET INTELLIGENCE (OMI)
Provides monthly oil supply, demand, inventory and price data needed to analyze market trends in Asia, Europe and the Americas from Energy Intelligence. Data cover crude and refined product stocks and demand by country as well as wellhead production at the country level. Includes refinery economics and activity in major centers, including netback values and margins for key crudes. Also provides data on refinery runs and spot, futures, crack-spread and formula prices.
NATURAL GAS WEEK (NGW) Focuses on North American natural gas and power markets from Energy Intelligence. Prices go back to the start of U.S. spot gas trading. Daily spot prices, high, low, average volume and average deals are provided by interstate, intrastate, hub and citygate for the U.S. Weekly and bidweek spot prices, Canadian spot prices, gas rig counts and gas storage in billions of cubic feet are also reported.
Composite wellhead and pipeline prices are also available monthly back to 1985.
WORLD GAS INTELLIGENCE (WGI) Offers weekly gas and power prices plus spark spreads for major North American hubs as well as for 3 locations in Northwest Europe from Energy Intelligence.
Monthly data include LNG import prices and volumes for Japan and South Korea, key European border prices, and North American spot gas and comparative fuel prices at important hubs and citygates. Also provides quarterly gas and electricity prices for industrial end-users in 7 key European countries together with comparative figures for heating and fuel oil.
BALANCE OF PAYMENTS (IMFBOP, IMFBOPA)
Quarterly and annual balance of payments (BOP) and international investment position (IIP) detail from the IMF’s Balance of Payments Statistics. Data are presented according to the fifth edition of the BOP Manual (BPM5) in US$ and local currency, and cover 185 countries plus country aggregates. BOP data are provided in both analytic and standard presentations. Quarterly data begin as early as 1962, annual data begin as early as 1948.
NATIONAL ASSOCIATION OF REALTORS, SUPPLEMENTAL SURVEYS (CREALTOR) Supplemental surveys from NAR include the month’s supply of homes by selected metropolitan areas.
OECD FINANCIAL ACCOUNTS AND BALANCE SHEETS (OECDFIN) Annual data for 23 OECD countries from the OECD’s National Accounts Vol. IIIa: Financial Accounts – Flows and Vol. IIIb: Financial Balance Sheets – Stocks.
Data values begin in the early 1970’s and are based on SNA 1993 for cross-country comparisons. In addition, the database includes the types of financial instruments used by different sectors to acquire financial assets or to incur liabilities. The balance sheets give a picture of financial net worth at the end of each year by sector and by financial instrument.
INTERNATIONAL BANKING STATISTICS (BIS)
International financial claims and liabilities for over 200 countries and aggregate areas, broken down by currency, sector and the nationality of the reporting bank from The Bank for International Settlements (BIS). The statistics cover both domestic and foreign-owned banking institutions in the reporting countries. The currency breakdown of external positions is provided for all sectors, nonbank sectors and official monetary institutions. Data values are quarterly and extend back to the 1970’s. Also includes BIS effective exchange rate indexes.
CEIC PREMIUM CHINA DATABASE (CHINA)
Contains over 125,000 data series from CEIC covering national, provincial and municipal statistics collected from more than forty national and regional government statistical agencies, numerous industrial data-issuing organizations and over 1,000 reference publications. In addition to macroeconomic statistics, the database contains detail for 185 industrial groupings with special emphasis on the 16 most rapidly growing industrial sectors. It also contains unpublished data obtained through CEIC’s special proprietary arrangements with data producing organizations. Annual data begin as early as 1947 while monthly data extend back to 1979 in some cases. CEIC was founded in 1992 and is headquartered in Hong Kong.
SECURITIZATION
December 27, 2006 at 2:41 am | Posted in Economics, Financial, Globalization, History, Research | Leave a comment
Announcing New
Report on International Securitizations
email: briefing@wtexec.com
phone: 978.287.0301
web:
Int’l Securitization Briefing
Int’l Securitization & Finance Report
Wed, 29 Nov 2006
International securitizations are increasingly offering global firms important opportunities for finance. Are you aware of the latest techniques . . . and the regulations and rulings that govern their use?
WorldTrade Executive’s new special report: INTERNATIONAL SECURITIZATION BRIEFING will guide you through some of the opportunities that are available to your company. Coverage of important developments includes:
Types of Structures
- Trade Receivables Securitization: A Comparison between Top US and European Companies
- Carbon: Is it Just Hot or Is It a New Asset Class?
- What is the Future of Intellectual Property Securitization?
- Report on Life Settlement Securitization
- The Future of Wind Asset Securitization
- Synthetic Replication of Cash CDOs
Country Reports include:
Brazil
Securitization Legislation Strengthens Brazilian Real Estate Industry Canada
New Canadian Legislation Facilitates Cross-Border Securitization of Leases
Ireland
Case Study, Dublin Based Bank Launches Unique CLO/Project Finance Transaction
Mexico
Amendments to Mexico’s REITs Legislation to Facilitate Securitizing Real Estate Investment
Netherlands
New Asset Class with $1 Billion SovRisc Issue Launched
The Philippines
New Opportunities for Distressed Debt in the Philippines
Poland
Tax Related Issues for Polish Securitization Transactions
Russia
First Ever Russian Leasing Securitization Deal
United Kingdom
New REIT Regime
Ukraine
Securitization of Mortgage Loans Under WayINTERNATIONAL SECURITIZATION BRIEFING is available for $185 in the US and for $200 for non-U.S. subscribers.
Special Discount Offer: INTERNATIONAL SECURITIZATION BRIEFING is available for free with a new paid subscription to International Securitization & Finance Report. This twice monthly report will help you stay on top of the most important issues in this marketplace by offering practical advice on navigating confusing international regulations, assessing stability of currencies, locating and managing special purpose vehicles, and finding answers on international tax and accounting issues, and much much more. Contact Information
email: briefing@wtexec.com
phone: 978.287.0301
web: http://www.wtexecutive.com WorldTrade Executive, Inc. is located at
2250 Main Street
Suite 100
Concord, Massachusetts 01742
USA
Phone +1 (978) 287-0301,
Fax +1 (978) 287-0302,
E-mail info@wtexec.com
For sales information, please contact:
Jay Stanley, Sales Manager
Int’l Securitization Briefing
Int’l Securitization & Finance Report
Wed, 29 Nov 2006
CREDIT NEWS: S & P
December 26, 2006 at 10:09 pm | Posted in Economics, Financial, Globalization, History, Research | Leave a comment
CreditMatters Today:
December 26, 2006
Standard & Poor’s
“Standard & Poor’s”
CREDITMATTERS@standardandpoors.com
Tuesday, December 26, 2006
Pace Of Japan’s Credit Quality Revival Eases In 2006
Corporate upgrades in 2004 and 2005 were mainly the result of a revival in credit quality following business restructuring, with some companies recovering from management difficulties and the brink of bankruptcy. In contrast, most of the recent upgrades reflect improvements in companies’ going-concern value. In the bank sector, there were also fewer upgrades in 2006 compared with the previous year as improved asset quality and capitalization was already incorporated to an extent into the upgrades that took place through the previous year.
Financial Institutions
Credit
FAQ: Reward Programs Are New Battleground Among Credit Card Issuers
As reward programs have become a standard feature of most credit cards, issuers have become more sophisticated in how they use them. They’ve sliced and diced the market, using a variety of programs to target distinct consumer groups. Card issuers can customize rewards to a micromarketing level, zeroing in on fans of a particular sports team or customers interested in fine dining who live in a specifically geographic area.
Insurance
| Criteria: Capital Assessment For Long-Term Care Insurers Updated As Market And Products Evolve |
Notwithstanding slowing growth, the demographics of the long-term care insurance (LTCI) market continue to be compelling, as by 2030, the U.S. will have a population of more than 70 million men and women over the age of 65. The product itself has been evolving along with the growing population needing long-term care. If an insurer can develop the right LTCI product and price it appropriately for the right market segment, it will be well rewarded financially.
Collateralized Debt Obligations
| CDO Spotlight: Frequently Asked Questions On Using Corporate Recovery Ratings In CDOs |
When analyzing cash flow CDOs, we assign a recovery rate to an instrument based on its recovery rating. The assigned recovery is also tiered according to the rating on a specific CDO tranche. CDOs need specific recoveries for each asset in order to calculate the weighted average recovery rate of the collateral pool and to value the defaulted assets in the overcollateralization tests. The recovery ranges are tiered to CDO rating-specific recoveries that are based primarily on subjective factors, given that there is little actual historical data for each recovery rating range. remium content is available to RatingsDirect subscribers. To gain complete access to Standard & Poor’s global credit ratings, research, and risk analysis, request your trial of RatingsDirect.
The real-time Web-based source captures more than 8 million ratings, 240,000 reports, and more than 16 years of ratings history. RatingsDirect enables you to easily track the issues and issuers you follow by creating portfolios and customizing your email alert profiles.
Financial Institutions
| Industry Report Card: Central American And Caribbean Banks Continue Trend Of Consolidation |
Overall economic conditions in most Central American and Caribbean countries continued to be benign in spite of inflationary pressures and a more stringent monetary policy implemented by the central banks. This momentum has allowed loan portfolios to continue expanding at double digits with most business lines maintaining their good pace, especially retail loans.
Corporations
| Research Update: New York Times Co. Long-Term Ratings Lowered To ‘BBB+’, Off CreditWatch |
The lower ratings reflect a credit profile that is expected to be more consistent with the new ratings over the intermediate term. While New York Times (BBB+/Negative/A-2) will benefit from the planned debt reduction with proceeds from the sale of its Broadcast Media Group, the company’s financial profile is expected to remain weak for the new ratings while it completes two major capital projects in 2007 and 2008.
Corporations
| Research Update: Gannett Co. Long-Term Ratings Lowered To ‘A-‘, Short-Term Ratings To ‘A-2’; Off CreditWatch |
The downgrade reflects our expectation that Gannett’s (A-/Stable/A-2) credit profile will be more consistent with the new ratings over the intermediate term. Operating results have been adversely affected by the challenging newspaper operating climate in both the U.S. and the U.K. This has been tempered by the television operations’
significantly higher political revenues in this election year.
Sovereigns
| Research Update: Outlook On Bermuda LT Ratings Revised To Positive From Stable, Ratings Affirmed |
Bermuda’s (AA/Positive/A-1+) ratings are supported by a very low level of government indebtedness—one that is among the lowest of rated sovereigns. Given the fixed exchange rate with the U.S. dollar, such policy flexibility is key to the island’s creditworthiness. Gross general government debt is projected at 5%-6% of GDP in 2007 and 2008, and, net of liquid assets, the government is a creditor on the order of 20% of GDP.
Corporations
| Research Update: El Paso ‘B+’ Rating Put On Watch Pos After Announcing Asset Sales |
The proposed sale of its ANR Pipeline and 50%-owned Great Lakes Transmission subsidiaries provides El Paso with additional means to continue its efforts to strengthen its balance sheet and restore credit quality. El Paso’s bondholders are poised to benefit from the significant amount of cash proceeds that could be used to reduced indebtedness and strengthen credit metrics.
Public Finance
| JFK International Air Term LLC,NY Special Facility Rev Bonds Raised To Investment-Grade ‘BBB-‘ |
The upgrade to investment-grade status is based on the project’s improved credit profile over the past three fiscal years, along with the completion of the project’s subordinate debt restructuring agreement with the Port Authority.
| Economic Research: U.S. Weekly Financial Notes: Buried With A Sprig Of Holly Through Its Heart |
Recently, government statisticians turned into Santa Claus, serving up an array of above-expectations press releases. This week, they turned back into Grinches, led by the green monsters at the Bureau of Labor Statistics, who told us that producer prices soared 2% in November. The November surge in producer prices was largely an offset to the unexpected drop in October. Still, it indicates that inflation isn’t as dead as some proclaimed last month. The Fed isn’t going to give up until inflation is as dead as a doornail, so any hope of a quick rate cut is gone.
Utilities
| Research Update: Russian Generator Mosenergo Placed On Watch Positive On Equity Increase In Favor Of Gazprom |
The CreditWatch placement follows approval by Mosenergo’s (B/Watch Pos/–) shareholders of an additional share issue in favor of Russian gas giant OAO Gazprom (BBB/Stable/–) and reflects both potential improvement in Mosenergo’s creditworthiness following the equity increase and the potential benefits of affiliation with Gazprom, which may gain a controlling stake in the company. Public Finance
| South Dakota Assigned ‘AA’ Issuer Credit Rating |
The ratings reflects the state’s slowly expanding economy that is anchored by agriculture, tourism, and services; long history of strong financial operations with well-funded “rainy day” funds; and low debt levels with manageable capital needs. The state’s below-average income levels and the continued challenge of attracting new business to sustain and expand its economy temper these strengths.
Standard & Poor’s, a division of The McGraw-Hill Companies.
CreditMatters Today: December 26, 2006
Standard & Poor’s
“Standard & Poor’s”
CREDITMATTERS@standardandpoors.com
Tuesday, December 26, 2006
CABINET COMMUNIQUE: ISRAEL
December 26, 2006 at 8:22 pm | Posted in Arabs, Globalization, History, Israel, Middle East, Military, Zionism | Leave a comment
| Cabinet Communique
Dec 24, 2006 |
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| 25/12/2006 |
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| Cabinet Communique – Dec 24, 2006 |
| ==================================================================== Information Department, Israel Foreign Ministry – Jerusalem Website: http://www.mfa.gov.il E-mail: feedback@mfa.gov.il ========================================================= Jerusalem, Dec 24, 2006 Cabinet Communique (Communicated by the Cabinet Secretariat) At the weekly Cabinet meeting today (Sunday), 24 December 2006: 1. Prime Minister Ehud Olmert briefed ministers on his meeting with Palestinian Authority During the meeting, Prime Minister Olmert agreed – in consultation with other ministers – Prime Minister Olmert said: "This was a good meeting. It was held in a good Following Prime Minister Olmert’s briefing, the government decided as follows: "In wake of the Prime Minister’s meeting last night (Saturday), 23 December Prime Minister Olmert discussed UN Security Council Resolution 1737 (http://tinyurl.com/yylgfe) Prime Minister Olmert discussed the War on Drugs and Alcohol Week, which began today. On both his and the Government’s behalf, Prime Minister Olmert wished Israel’s 2. Israel Security Agency Director Yuval Diskin briefed 3. Industry, Trade and Labor Minister Eli Yishai briefed ministers on his recent trip to 4. Environmental Protection Minister Gideon Ezra and Environmental Protection Ministry 5. Pursuant to its authority under the 1959 Civil Service Law (Appointments), the Cabinet 6. The Cabinet appointed several members to the Natural Gas Authority Council. 7. The Cabinet appointed Public Security Minister Avi Dichter to The State of Israel ascribes strategic importance to operational, technological research 8. The Cabinet decided to approve an order providing various rights and immunities to the 9. The Cabinet discussed the participation of local councils in supporting recognized 10. The Cabinet discussed the status of the hotels at Ein Bokek 11. The Cabinet amended laws dealing with the designation of development towns and areas. 12. The Cabinet discussed Finance Minister Avraham Hirchson appeal against the decision of 13. The Cabinet bid farewell to Col. Yaakov Vilan, the Prime Minister’s Deputy |
Cabinet Communique – Dec 24, 2006
Mon, 25 Dec 2006
POVERTY AND UNBRITISH RULE IN INDIA: DADABHAI NAOROJI BOOK
December 25, 2006 at 10:13 pm | Posted in Books, Economics, Financial, Globalization, History, India | Leave a comment
Dr. Dadabhai Naoroji“The Grand Old Man of India”
The Early Years:
Dadabhai Naoroji was born in Bombay on 4th September 1825, the son of Maneckbai and Naoroji Palanji Dordi, a poor Athornan (priestly) Parsi family. At the age of 4, Dadabhai’s father died and his mother was left the difficult task of bringing up the family, and she managed admirably. According to prevailing customs, she arranged the marriage of Dadabhai to Gulbai at the early age of 11. For the rest of her life, Maneckbai remained a close companion and mentor to Dadabhai. “She made me what I am” noted Dadabhai in 1901 when he gave an account of his early life in “The Days of my Youth.”Dadabhai became a scholar at the Elphinstone Institution (now Elphinstone College, Bombay) and had a brilliant academic career. In 1850 at the early age of 25, he was appointed Assistant Professor, and 4 years later, Professor of Mathematics and Natural Philosophy at the Elphinstone Institution. Professor Orlebar of the college called him “The Promise of India”. Dadabhai, being an Athornan (ordained priest), founded the Rahnumae Mazdayasne Sabha (Guides on the Mazdayasne Path) on 1st August 1851. The ethos of the Rahnumae at its inception was to restore the Zoroastrian religion to its original purity and simplicity. The society is still in operation in Bombay.Visit to England:On 27th June 1855, Dadabhai sailed for England to join the first Indian business firm of the mercantile Cama family. In 1859, Dadabhai established his own business firm under the name of Dadabhai Naoroji & Co.The London Anjuman:On 31st October 1861, an association was founded in the name of “THE LONDON ANJUMAN” and Dr. Dadabhai Naoroji was its Patron, Founder and First President. Other Activities:
During his time in England, Dadabhai endeavored to educate the British people about their responsibilities as rulers of India. He delivered speeches and published articles to support his opposition to the unjust and oppressive regime of the British Raj. In 1867 he helped to establish the East India Association of which he became the Honorary Secretary.
The purpose of the Association was to keep Britain well informed of India’s plight and needs and to secure fair treatment for India’s people. This was his first political move and his colleagues were not slow in realizing his aspirations, echoing Professor Orlebar’s sentiment as “The Promise of India”. Dadabhai presented to the British people the “Drain Theory”, which put before them the facts and figures illustrating systematic bleeding of the wealth and resources of India. His ideas were put into a volume called “Poverty and UnBritish rule in India”. This was a charge against the British Empire, and he asked for immediate appointment of a Royal Commission to look into the charges. Dadabhai was one of the members of the Royal Commission. Dadabhai went back to India in 1869 but soon returned to England to give evidence before the Parliamentary Commission on Indian Finance. Dadabhai returned to India in 1874, having been appointed Dewan of Baroda State. He came back to England in 1886 with the idea of getting into the British Parliament to enable him to fight from within the system, and further the cause of his native country India.Election to Parliament: Dadabhai was elected to Parliament on the 5th of July 1892 and entered the House of Commons as a Liberal, representing the Central Finsbury constituency. He delivered his maiden speech in the House of Commons in August 1892. This was indeed a historic occasion as Dadabhai Naoroji became the first ever Indian/Asian Member of the British Parliament. Dadabhai immediately championed various causes in the House of Commons. He made many speeches both in England and in India on political reforms, fair play and justice for India,which spearheaded the beginning of the freedom struggle. He was renowned as the founding father of Indian Nationalism.
Other Members of Parliament:
Dadabhai’s success on being elected to the Parliament was followed by two other Indian Parsi Zoroastrians; Sir Muncherjee Merwanji Bhownagree and Sir Sorabji Saklatvala.
Dadabhai’s reputation and his help facilitated the political careers of both these gentlemen.
Indian National Congress:
Dadabhai was one of the moving spirits and founder of the Indian National Congress. He took part in the inauguration of the Indian National Congress that was held in Bombay in 1865, before his departure to England. Dadabhai was thrice elected President of the Congress. Dadabhai Naoroji had attempted to keep the Freedom movement on a moderate path during the formative years of the Congress. He had put his faith in the British. He believed that if they were informed of India’s problems, they would reform their method of rule.
However, his experience of the British political system and years of dealing with British officialdom led to increasing disillusionment. Dadabhai began to despair when even moderate claims were not considered. In 1904 Dadabhai demanded “SWARAJ” Self Government for India. Dadabhai said “Indians were British citizens with a birthright to be free” and that they had “every right to claim an honorable fulfillment of our British pledged rights”. -“It is futile to tell me that we must wait till all the people are ready. The British people did not -wait for their parliament”.
“Self-government is the only and chief remedy. In self-government is our hope, strength and greatness”. “I am a Hindu, a Muslim, a Parsi, but above all an Indian First”. Mahatma Gandhi:
On lst September 1888, Gandhi sailed from Bombay with a letter of introduction to Dadabhai. Mahatma Gandhi wrote “…you will, therefore oblige me greatly if you will kindly direct and guide me and make necessary suggestions which shall be received as from a father to his child”. Gandhi further wrote: “The story of a life so noble and yet so simple needs no introduction from me or anybody else. May it be an inspiration to the readers even as Dadabhai living was to me”. “And so Dadabhai became real DADA to me”.The Grand Old Man:
The Grand Old Man of India once asked “Is it vanity that I should take great pleasure in being hailed as the Grand Old Man of India? No, that title, which speaks volumes for the warm, grateful and generous hearts of my countrymen, is to me, whether I deserve it or not, the highest reward of my life”. A great life nobly lived, spanning nearly a whole century, great, indeed in the greatness of its simplicity, purity and benignity and lofty in its concept of man’s mission on earth, came to an end on 30th June 1917. Dadabhai passed away at the ripe old age of 93.Tributes:
Sir Narayen Chandravarkar at the “Memorial Meeting” paid a warm affectionate tribute to the life and character of the dear departed sage of India.“If we take stock of his life and his example, may I not say with perfect justice and truth that in his career, in all he did, in all he suffered and in all he taught, he was the prophet Zoroaster’s religion personified because he was the man more than anybody else of pure thought, of pure speech and pure deeds”. Sir Dinshaw Wacha in a speech full of feeling said: “There is no doubt .. Dadabhai served his country with a sacrifice and singleness of purpose which it may be rightly said, without exaggeration, was rare. A devout follower of Zoroaster, he faithfully followed the ethics of that Great Prophet – pure in thought, word and deed”.Kusoom Vadgama, a prominent writer in London in her recent book “India in Britain” writes: “One whose contributions to Britain by any standards remain memorable and who represented culture, intelligence and public spirit was Dadabhai Naoroji, the first Indian Member of Parliament”.
Zoroastrian Trust Funds of Europe secretarial help produced this article based on documented historical information. The association was founded by Dr. Naroji while he lived in London.
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Timeline of Dadabhai Noorji’s life |
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| 1825, September 4 | Dadabhai Naoroji was born in a poor Parsi priest family. |
| He lost his father, Naoroji Dordi, when he was four years old. His mother Maneckbai took responsibility to educate him, sending him to the Native Education Society school. After finishing school he was selected to go to the Elphinstone Institute where his professors were all Englishmen. At the Institute he read literature of the world, but Firdausi’s Shahnameh was his favorite, and duties of a Zarathushti. At age 15, he received Clare’s scholarship and was considered a scholar. Professor Orlebar called him “Promise of India” At age 20, he became the first Indian professor (of Mathematics & Philosophy) at Elphinstone Institute. He was Treasurer of the Student Literary & Scientific society and editor of its proceedings published for the public. |
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| 1849, August 4 | He along with other society members laid the foundation of female education in Bombay, by going door to door urging parents to send their girls to school (at that time girls were not allowed to go to school) |
| He volunteered to teach free at the first girl’s school opened by the Society in a cottage loaned by Jagannath Shankar Sheth, a member of the Board of Education, and with improvements funded by Mr. K.N.Cama | |
| He started two religious magazines – Dharma Marg Darshak and Rast Goftar to educate Parsis about their religion | |
| 1851, August 3 | At age 26, he started a society Rahnumae Mazdayasnane Sabha in cooperation with educationist Naoroji Furdunji, which still exists and has regular meetings. |
| 1855, June 27 | He sailed to London with K.R.Cama and M.H.Cama to join the first Indian business started in England by the Cama family. |
| 1856 | He left the Cama family business and became a Professor of Gujarati, in the University college, London, and worked there for 10 years. |
| 1861 | He founded the London Zoroastrian Association and remained its president until 1907 |
| He was the first to work systematically for the intellectual uplift of the Indian public. He used every opportunity in England to voice the grievances of the Indian people under colonial rule. |
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| 1859 | He started his campaign of agitation about injustice in the system of recruiting for the Indian Civil Service. Sudden change of age limit had debarred the first Indian student, Rustamji Hirjibhai Wadia from appearing for entrance exam. |
| 1886 | He was active in the newly founded “East India Association” to promote the welfare and interest of Indians. He devoted full time to the education of the masses of India on their rights and people of England toward Indians. |
| 1869, July | A public meeting was called by Maharaja Bhagwat Singhji of Gondal and the Sheriff of Bombay, at the Framji Cowasji Institute, to honor Dadabhai and a purse of Rs.25,000 was presented, most of which he donated to the East India Association Fund. |
| He helped the Maharaja, Malharrao Gaekwad, of Baroda in his problems with the British Agent, and pleaded his case in London. In return the Maharaja offered him the post of Diwan (prime minister) of Baroda State. | |
| 1875, January 11 | After introducing many reforms as Diwan of Baroda, he resigned and left Baroda on January 11, 1875. The Maharaja Sayajirao University of Baroda has named one of its student hostels as Dadabhai Naoroji Hall (I myself lived in that hostel when I was an Engineering student there). |
| 1875, July 26 | At age 50, he was elected to the Bombay Municipal Corporation. He discovered and reported an error by the Accountant General in calculating principal and interest payable to the Government. |
| 1876, August | He resigned from the Corporation and went to England for business. |
| 1883 | He was re-elected to the Bombay Municipal Council and worked there until 1886. As an appreciation for his public services a marble statue of Dadabhai adorns the Corporation Hall. |
| 1885 | He was the moving spirit and Founder of the Indian National Congress, which had its first meeting in 1885, at the Gokuldas Tejpal Pathshala, at Gowalia Tank. This was the institution that started the task of gaining Indian independence. |
| 1886 | He went back to England in 1886, where he contested in the election for the British Parliament but was unsuccessful. He used his visibility to publicize the grievances of the Indian public among the British citizenry. |
| 1886 | At the end of 1886, he was called to attend the second session of the Indian National Congress in Calcutta, where he was elected President. He patched up a conflict between two great leaders, Tilak and Ranade. |
| He went back to England after the Congress, and got elected to the British Parliament (first Asian to be elected), in spite of being insulted by the Prime Minister, Lord Salisbury who called him “a Black Man”. He politely refused to take the oath on the Bible as he was not a Christian, and because of his reputation and moral character he was allowed to take the oath of office in the name of God on his small book of Avesta. He was felicitated by the Maharajas of Baroda, Bhavnagar, and Kutch, Nawab of Junagadh, and prime minister of Hyderabad. | |
| In Parliamentary debates he charged that gross corruption and oppression by the Europeans had reduced India to a state of abject poverty. His ideas were put into a volume called “POVERTY & UNBRITISH RULE IN INDIA”, which was a chargesheet on the British Empire, and he called for immediate constitution of a Royal Commission to look into his charges, which the British did and included him as a member. | |
| His speeches were followed keenly in India, and he was invited as president of the Indian National Congress in Lahore. | |
| A large crowd received him at Apollo Bunder, and Pherozeshah Mehta drove him to his residence at Khetwadi. Huge crowds and receptions were arranged for him at Baroda and Ahmedabad. In Armritsar, he was presented a robe of honor by the officiating priest of the Golden Temple. In Lahore, the Congress reception committee chairman said to Dadabhai “The greatest gift the Parsis have bestowed on India is in your own good self”. He replied “I am a Hindu, a Muslim, a Parsi, but I am an Indian first”. William Hunter wrote in the “Times” newspaper that Dadabhai had a welcome greater than the British Viceroy of India. | |
| The Indians and Englishmen wanted to bestow the title of “Sir” on Dadabhai, but he discouraged the idea. He also politely declined the Shah of Iran’s offer to decorate him. | |
| After finishing his term in the British parliament, he continued his fight for the Indians as a member of the Royal Commission. He got other prominent Indians such as Dinshaw Wachha, Gopal Krishna Gokhale, Surendranath Bannerjee, and Subramanian Iyer, to join him on the Commission, and organized a campaign to educate the British public about conditions in India and the demands of Indians. Mohandas (Mahatma) Gandhi, who was fighting for Indian rights in South Africa, considered Dadabhai as his Guru and constantly sought his advice through letters. In India the appreciative public keenly followed his actions on their behalf and in 1903 they started celebrating September 4th annually, as “Dadabhai Day”. | |
| 1906 | In 1906, at the age of 80, Dadabhai was invited for a third time to be president of the Indian National Congress in Calcutta, and he helped to patch up a conflict between the moderates and the extremists. In his keynote speech he demanded “Swaraj” or Self-Rule from the British, which delighted the Congress attendees and the Indian public. He said “Be united, persevere, and achieve self-Government, so that the millions now perishing by poverty, famine, and plague may be saved, and India may once more occupy her proud position of yore among the greatest and civilized nations of the world”. |
| He returned to England but had an attack of bronchitis. His two grand-daughters, Mrs. Nargis and Gosi Captain attended to him and he recovered. | |
| In October, he returned to India, where at his house in Versova, Dr. Maneckbhai, his daughter and grand-daughter Dr. Mehrbanoo looked after his health. Foreign dignitaries, such as Sir George Clarke, Lord Hardinge, and Lord Willingdon, regularly visited him. | |
| 1916 | At age 91, Bombay University bestowed the honorary degree of L.L.D. on him as well as on Phirozeshah Mehta. |
| 1917, June 30 | Dadabhai Naoroji passed away. After his body was consigned to the Tower of Silence, Sir Narayan Chandavarkar paid the following tribute to him (excerpted):“If we take stock of his life and his example, may I not say with perfect justice an trust that in his career, in all he did, in all he suffered, and in all he taught, he was the Prophet Zoroaster’s religion personified, because he was the man more than anybody else of pure thought, of pure speech and of pure deeds….. The Sun that rose ninety-three years ago, over India is set, but I say, it is set to rise again in the form of regenerated India, for Dadabhai lived and worked for us with a devotion which must remain for all of us an inspiring example”. |
CHICAGO FED NATIONAL ACTIVITY INDEX
December 25, 2006 at 12:40 pm | Posted in Economics, Financial, Globalization, History, Research, USA | Leave a comment
Chicago Fed
National Activity Index
(CFNAI)
Federal Reserve Bank of
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Tel. (312) 322-5322
Starting in 2007, the CFNAI will be released at 8:30 a.m. E.T. on scheduled days, normally toward the end of each calendar month.
The Chicago Fed National Activity Index (CFNAI) is a monthly index designed to better gauge overall economic activity and inflationary pressure.Starting in 2007, the CFNAI will be released at 8:30 a.m. E.T. on scheduled days, normally toward the end of each calendar month.
Latest CFNAI News Release
CFNAI indicates economic growth below trend in NovemberThe Chicago Fed National Activity Index was –0.26 in November, slightly up from –0.30 in October. All of the four broad categories of indicators made negative contributions to the index. The three-month moving average, CFNAI-MA3, declined from –0.22 in October to –0.32 in November. (PDF, 117KB)
More on the CFNAI The CFNAI is a weighted average of 85 existing monthly indicators of national economic activity. It is constructed to have an average value of zero and a standard deviation of one. Since economic activity tends toward trend growth rate over time, a positive index reading corresponds to growth above trend and a negative index reading corresponds to growth below trend. The 85 economic indicators that are included in the CFNAI are drawn from four broad categories of data: production and income; employment, unemployment, and hours; personal consumption and housing; and sales, orders, and inventories. Each of these data series measures some aspect of overall macroeconomic activity. The derived index provides a single, summary measure of a factor common to these national economic data.The CFNAI corresponds to the index of economic activity developed by James Stock of Harvard University and Mark Watson of Princeton University in an article, “Forecasting Inflation,” published in the Journal of Monetary Economics in 1999. The idea behind their approach is that there is some factor common to all of the various inflation indicators, and it is this common factor, or index, that is useful for predicting inflation. Research has found that the CFNAI provides a useful gauge on current and future economic activity and inflation in the United States.
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